Singapore’s Wilmar to build refineries in Europe, Russia
Singapore’s Wilmar International Ltd, the world’s largest listed palm oil firm, is building new refineries in Europe and Russia as a move to expand beyond Asia, reported Reuters on Friday.

Reuters quoted Wilmar CEO Kuok Khoon Hong as saying at a post-results briefing on Thursday, “We are building a new refinery in Germany, Spain and going into crushing and refining plants in Russia.”

On Thursday, Singapore-listed Wilmar reported its quarterly net profit tripled, due to a boon from high crude palm oil (CPO) prices, but warned of moderating prices and a challenging environment ahead.

“We expect CPO prices to stabilise around current levels. Prices are likely to remain subdued -- we do not see a big run-up to the old levels and they still might come down a little bit,” Kuok told the briefing.